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Diane's journal

  • #1
  • First Post: Edited Jun 29, 2008 2:47am Dec 27, 2007 4:05pm | Edited Jun 29, 2008 2:47am
Hi!
This is my first post and yesterday i made my first trade using a real system. I went long in USD/GBP yesterday night at 1.9846 about two hours before the daily candle closed. The reason for this was a cross in the RSI and the MA. Normally It's bed time for med when the candle closes but I've noticed that (and I want it to be so ) the pairs don't move very much the last time before the candle close.

I have read the e-book about the 8and8 method twice and the thread about The Daily Fozzy method. I think the method suites me except from the time the candle close. I have not decided how to deal with that problem yet. My time zone is GMT+1

Now when I look at the 5 min chart the price is up and seems to have paused by a resistance around 1.9950. And now? Just wait? My stop loss was set at 1.9729. Somehow I counted that stop with help from the ATR. Today I moved the stoploss up to 1.9880 a point I found at the hourly chart. (Some more reading reqired)

My target for this trade is around 2.0460 but I feel very insecure about that. Maybe I should take profit earlier. Don’t want to loose my first “real” trade. (Only demo but it feels more real than when I stumbled around without a system.)

No I will go on reading Trading in the Zone and a lot more in the newbie forum.


Regards
Diane
  • #2
  • Dec 27, 2007 4:24pm Dec 27, 2007 4:24pm
I think you are doing fine !!! Just keep going and don't worry if you win or lose... but learn and implement your system...

I too am long on GBP/USD because of this divergence set-up... how nice it would be if price gets up to the target you said above... !!! That would be all the way to the 200 ema... ( white ) !!!

At any rate, I think LONG is good for now...
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  • #3
  • Dec 28, 2007 4:32am Dec 28, 2007 4:32am
Thank you Tiki for the feedback! It’s nice to hear from someone In the same trade and It’s fun that we found the same thing from different views.
Today’s low is 1.9939 so far and I decided to modify my order and moved the stop to 1.9938. That’s one pip below today’s low. I think it is very near the price right now. It will be interesting to see what will happen when the US market opens.

I found very good information about high, low, open, close at http://www.fxstreet.com/rates-charts...aspx?id=GBPUSD . I use MT4 and keep changing between different time scales all the time because I have a hard time to get a good perspective. I promise I will always use the daily charts for the long/short signals but it feels like I have to use different time scales to get a view of the movements in the price.


I will try to keep thinking more about doing right/wrong or good/bad things instead of loosing/earning money as I learn this.
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  • #4
  • Dec 28, 2007 7:23am Dec 28, 2007 7:23am
The key will be to find a system you like and stick to it... learn it in and out... don't stray away from your system... then the pips will come...

Is that fozzy I see on your charts ??? That is good system... but as beach bum says for fozzy... you must trade like a robot...!!! Hard to do.. for me at least...

GBP/USD inching up... my target 2.0040...

Quoting Diane
Thank you Tiki for the feedback! It’s nice to hear from someone In the same trade and It’s fun that we found the same thing from different views.
Today’s low is 1.9939 so far and I decided to modify my order and moved the stop to 1.9938. That’s one pip below today’s low. I think it is very near the price right now. It will be interesting to see what will happen when the US market opens.

I found very good information about high, low, open, close at http://www.fxstreet.com/rates-charts...aspx?id=GBPUSD . I use MT4 and keep changing between different time scales all the time because I have a hard time to get a good perspective. I promise I will always use the daily charts for the long/short signals but it feels like I have to use different time scales to get a view of the movements in the price.


I will try to keep thinking more about doing right/wrong or good/bad things instead of loosing/earning money as I learn this.
  • #5
  • Dec 29, 2007 2:10am Dec 29, 2007 2:10am
Quote
Is that fozzy I see on your charts ??? That is good system... but as beach bum says for fozzy... you must trade like a robot...!!! Hard to do.. for me at least...
Yes, Tiki. That's fozzy. I didn't know that about it. Don't know yet if I'm a robot. I have only made impuls trades so far. But you never know...

Anyhow I will keep to this system while I'm learning. It was simple for me to learn with just a few indicators. More indicators in the chart just gets me confused.

I'm not in the trade any more because I got stopped out at 1.9938. A positive trade and thats good for me.
  • #6
  • Dec 29, 2007 3:45am Dec 29, 2007 3:45am
Hey Diane,

Good luck with your trading. It is a very hard but can be very rewarding market to be trading in. Emotionless trading is the key, but it is very difficult to obtain. Also have a look at Van Tharpe, Elder's and Ponsi's books, fantastic books for learning about trading.

I wish you well in your journey.

GCTrader
  • #7
  • Dec 29, 2007 5:45pm Dec 29, 2007 5:45pm
A better place to have had the stop would be all the way below the low of 9750... yes this is a big stop... but reduce the size of your trade perhaps to not risk much... this still has a good chance to go up... I don't remember if fozzy has reccomendations for stops etc... of coarse when you reduce your trade size... you will not win as much...., but perhaps also, not get stopped out...

And if you talk to beachbum... you will see that he often uses price action ideas from J16 to enhance his trading...

Quoting Diane
Yes, Tiki. That's fozzy. I didn't know that about it. Don't know yet if I'm a robot. I have only made impuls trades so far. But you never know...

Anyhow I will keep to this system while I'm learning. It was simple for me to learn with just a few indicators. More indicators in the chart just gets me confused.

I'm not in the trade any more because I got stopped out at 1.9938. A positive trade and thats good for me.
  • #8
  • Dec 29, 2007 5:50pm Dec 29, 2007 5:50pm
If you look at the chart here... and you don't worry about each individual candle... just look where the next support/resistance line is... would that not be a good place for a target ?? But stop has to go below the low at 9750... The trade has to have room to breath... just my opinion of coarse...
Attached Image (click to enlarge)
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  • #9
  • Dec 30, 2007 2:06pm Dec 30, 2007 2:06pm
Quote
Hey Diane,

Good luck with your trading. It is a very hard but can be very rewarding market to be trading in. Emotionless trading is the key, but it is very difficult to obtain. Also have a look at Van Tharpe, Elder's and Ponsi's books, fantastic books for learning about trading.

I wish you well in your journey.

GCTrader
Thank you GCTrader for the advice. I'll put them on my reading list.

Good luck to you too.

Quote
A better place to have had the stop would be all the way below the low of 9750... yes this is a big stop... but reduce the size of your trade perhaps to not risk much... this still has a good chance to go up... I don't remember if fozzy has reccomendations for stops etc... of coarse when you reduce your trade size... you will not win as much...., but perhaps also, not get stopped out...

And if you talk to beachbum... you will see that he often uses price action ideas from J16 to enhance his trading...
I'm sure that would have been a better place for the stop. I got to afraid to loose my profit and set the stop to high.

Have never read J16 but it sounds interesting. I will check that out before I start to look for a new trade.

Quote
If you look at the chart here... and you don't worry about each individual candle... just look where the next support/resistance line is... would that not be a good place for a target ?? But stop has to go below the low at 9750... The trade has to have room to breath... just my opinion of coarse...
I understand that would have been a better idea. Now I have learned something and I'm very eager to look for a new trade. Will try not to be to eager. Guess that's a point when it's easy to do an inpulse-trade.

Thank you both of you for taking your time to give me advice

Sincerely
Diane
  • #10
  • Dec 30, 2007 2:13pm Dec 30, 2007 2:13pm
Decide where you should put your stop FIRST.. before anything else in the trade... then decide on your trade size or amount to trade... pick an amount that will not hurt if you lose.... then you walk away from your computer with no worries... And almost always the best place to put the stop will be below or above a recent high or low...

GBP/USD... another look.... three falls... two times now retrace to the 61 fib line... will it do it a third time...?? I say a good possibility it will....
Attached Image (click to enlarge)
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  • #11
  • Dec 30, 2007 2:56pm Dec 30, 2007 2:56pm
Here is another way to look at it that someone else just showed me... !!!
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  • #12
  • Dec 30, 2007 3:16pm Dec 30, 2007 3:16pm
Quote
Decide where you should put your stop FIRST.. before anything else in the trade... then decide on your trade size or amount to trade... pick an amount that will not hurt if you lose.... then you walk away from your computer with no worries... And almost always the best place to put the stop will be below or above a recent high or low...

GBP/USD... another look.... three falls... two times now retrace to the 61 fib line... will it do it a third time...?? I say a good possibility it will..

I have never thought of putting the stop first. Seems like a good idea. I always take only one lot at a time. I haven't learned how to draw fibonacci lines (I omitted that part at babypips.) but I will ceck it out.
  • #13
  • Dec 30, 2007 3:20pm Dec 30, 2007 3:20pm
Quoting Diane
and the thread about The Daily Fozzy method. I think the method suites me except from the time the candle close. I have not decided how to deal with that problem yet. My time zone is GMT+1

Now when I look at the 5 min chart the price is up and seems to have paused by a resistance around 1.9950. And now? Just wait?
My target for this trade is around 2.0460
If you make a trade based upon a daily signal... then you must NOT worry about 5 minute charts.... !!! That is just noise...!!

Daily charts and signals.... means analyse daily candles...!!!

Sorry to stick my nose in... I know, I need to get a life... !!!
  • #14
  • Dec 30, 2007 3:21pm Dec 30, 2007 3:21pm
Quote
Here is another way to look at it that someone else just showed me... !!!

That was a different wiew of it. Interesting how different people can se things so different. Looks like it's going down with no bottom...
  • #15
  • Dec 30, 2007 3:22pm Dec 30, 2007 3:22pm
Don't worry about the fibs... !!! Well, yes, you need them... but take them away and the thought still stands... look at the orange lines drawn at easy places that pull your attention... support and resistance lines... places where price will want to go to or stop at.... the fibs were not necessary in this chart necessarily...

Look back at post # 8

Quoting Diane
I have never thought of putting the stop first. Seems like a good idea. I always take only one lot at a time. I haven't learned how to draw fibonacci lines (I omitted that part at babypips.) but I will ceck it out.
  • #16
  • Dec 30, 2007 3:24pm Dec 30, 2007 3:24pm
Quote
Sorry to stick my nose in... I know, I need to get a life... !!!
It's just fun. I'm sure I need it. Please keep on. Besides I need to get my 15 posts to be able to send private messages...
  • #17
  • Dec 30, 2007 3:26pm Dec 30, 2007 3:26pm
No.... Going back up to the top of the channel !!!! I hope !!

Quoting Diane
That was a different wiew of it. Interesting how different people can se things so different. Looks like it's going down with no bottom...
  • #18
  • Dec 30, 2007 3:27pm Dec 30, 2007 3:27pm
Guess I'm too unpatient and I'll better look at another pair to se if I get a signal.
  • #19
  • Dec 30, 2007 3:28pm Dec 30, 2007 3:28pm
And soon enough we'll get you addicted !!!!!!!!!!!

Quoting Diane
It's just fun. I'm sure I need it. Please keep on. Besides I need to get my 15 posts to be able to send private messages...
  • #20
  • Dec 30, 2007 3:30pm Dec 30, 2007 3:30pm
Moves were big last Friday... I would not be surprised if there were lots of fozzy signals from friday...

Gonna give up so soon on GBP/USD ??? Come on kiddo... !!!

Quoting Diane
Guess I'm too unpatient and I'll better look at another pair to se if I get a signal.
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